Coupang shares jump 12% despite wider Q3 loss from fire costs

Coupang (CPNG) reported a third-quarter 2026 net loss, compared with net income a year earlier, as costs from a July fire at its leased fulfillment center in Incheon, Korea, weighed on results, the company said in its release on Nov. 3.

Shares rose 11.8% in regular trading as of 9:37 a.m. ET, from a regular-session close of $15.23.

Here's how the company did:

• Revenue: $9.96 billion vs. $9.27 billion a year earlier, in line with the $9.9 billion consensus estimate
• Adjusted EPS: loss of 18 cents per share vs. profit of 5 cents a year earlier, a wider loss than the 3 cents expected
• GAAP EPS: loss of 28 cents per share vs. profit of 5 cents a year earlier

Total net revenues rose 7% from a year earlier, or 11% on a constant currency basis, the company said.

Segment results

Product Commerce net revenues were $8.37 billion, up 5% from a year earlier, or 8% on a constant currency basis.

Product Commerce adjusted EBITDA was $385 million, down $320 million, with a margin of 4.6%.

Active customers in Product Commerce grew to 25.2 million, up 2% from a year earlier.

Developing Offerings net revenues were $1.59 billion, up 23%, or 27% on a constant currency basis.

Its segment adjusted EBITDA loss was $269 million, an improvement of $23 million from a year earlier.

Fire costs and profitability

Gross profit was $2.56 billion, down 6% from a year earlier, and gross profit margin was 25.7%, a decrease of 364 bps.

Excluding FC fire-related costs, gross profit was $2.66 billion, with a margin of 26.7%.

The company posted an operating loss of $450 million, a decrease of $612 million from the operating income it reported last year.

Losses tied to the Incheon fire totaled $248 million in the quarter.

Adjusted EBITDA was $116 million, a margin of 1.2%, down 329 bps from a year earlier.

Net loss attributable to Coupang stockholders was $501 million. Excluding fire-related costs, the net loss was $321 million, a decrease of $416 million from the same period last year.

Net income has fallen in each of the last three quarters, from $95.0 million in the third quarter of 2025 to a loss of $570.0 million in the second quarter of 2026, according to its SEC filings.

Cash and buybacks

Trailing twelve-month operating cash flow was $845 million, down $1.5 billion from a year earlier. Free cash flow was negative $409 million, a decrease of $1.7 billion.

During the quarter the company repurchased 12.7 million Class A shares for $201 million.